Canada experiences rebound in transaction volume and value in 2021
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Payments Canada Report: Rebound & Grow – Payment Methods and Trends in 2021
Payments Canada | Oct 4, 2022
Canada experiences rebound in transaction volume and value in 2021
Report Highlights:
- Pandemic changes long-term payment preferences for 43% of Canadians
- 50% of Canadians use e-commerce platforms more often than pre-pandemic
- Contactless payment transaction value increased year-over-year in 2021 by 18%
- Credit card use rebounded, increasing by six per cent
- Mobile payments volume and value each grew by 13% year-over year
- Cash and cheques declined nine per cent and six per cent respectively in volume, but increased 14% and seven per cent in value
See:
Research: ECB publishes report on payment habits and attitudes as part of digital euro project
How the Big Five Banks Control Canada’s Payment Systems
Payments Canada Delays Launch of Real-Time Rails Again (without a timeline)
- Online transfer transactions value exceeded debit cards for the first time ever in 2021
- Almost one quarter (22%) of Canadians are comfortable making payments using QR (quick response) codes
- 37% of Canadians are comfortable using fingerprint, facial, or voice recognition to authenticate a payment transaction
- Buy now, pay later (BNPL) is beginning to take hold with almost 1 in 10 (eight per cent) of merchants accepting BNPL and 48% of merchants interested in offering it
The new report reveals that while many payment trends remain consistent in 2021, there is continued acceleration in digital, contactless and mobile payment adoption.
Continue to the full article --> here
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